In 2021, according to Nielsen, 165,302 Charlotte area homeowners are expected to spend $1.3 billion on kitchen and bathroom remodeling. This would be an increase of 16.8% increase over last year. Sales estimates are based on data from The National Kitchen & Bath Association (NKBA).

Because of the ongoing pandemic, 1.4 million homeowners from Rock Hill to Moorseville are in the process of reassessing their living spaces.

According to the NKBA, homeowners cite the kitchen and bath areas as two times more important than other spaces within the home, and the kitchen particularly gained status throughout the COVID-19 pandemic, with 70% of homeowners considering it extremely important compared to 64% before the crisis.

“After such a strong year for home remodeling in 2020, some wondered if we were approaching a home improvement spending ‘cliff.’ We’re pleased to say that’s not what the kitchen and bath market is expecting in 2021,” said Bill Darcy, NKBA CEO.

“Last year, homeowners started the work of improving their living spaces with DIY projects. And this year, with early distribution of the vaccine and other measures to reduce the public health impact of the virus, we expect to see continued renovations and more projects requiring our members.”

There are approximately 335,000 households in the Charlotte area with existing mortgages, according to the US Census Bureau, American Housing Survey. The median amount owed on these homes is $123,000.

Yesterday, there was extraordinary news for many of these borrowers and for Charlotte area banks, credit unions, and mortgage companies

According to The Federal Home Loan Mortgage Corporation (Freddie Mac), mortgage rates have hit an all-time low of 2.86%.

There are 1.3 million consumers in Charlotte who own their own home. 

According to Zillow, more than 60% of homeowners carry a mortgage. A record number of owners are considering refinancing  now, which means millions of dollars in fees for local lenders and brokers are up for grabs.

Why the sudden urgency for Charlotte homeowners to refinance their mortgages?

According to The Federal Home Loan Mortgage Corporation (aka, Freddie Mac), "The average 30-year fixed-rate mortgage hit a record 3.29% this week, the lowest level in its nearly 50-year history."

"Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down. Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy."

If a consumer Googles 'refinance my mortgage in Charlotte', more than 8.1 million results come back, So, to set themselves apart, lenders and brokers will need to advertise.  By, any key metric, advertising on local radio is the best way to reach area homeowners.

"In the 24 years I have owned my business, I never advertised," says Andy Huneycutt, founder of Indian Trail based Huneycutt Mechanical Services. "But last year I realized my company was standing still. So, we started advertising on Charlotte radio."

"I did a lot of research," he says, "and I found out that the most successful local companies were investing 8-10% of their gross sales back into advertising. They would do this consistently every year. The more money they made, the more they would advertise."

"As I was growing closer to retirement, I had to ask myself if I could really afford to invest that kind of money into advertising," he says.  "Then, I looked at the commitment my son made to take over the business in a few years and realized I couldn't afford not to advertise."